Are you considering becoming a real estate investor in Salt Lake City's dynamic housing market?
It's certainly a city with many opportunities if you're looking for an investment property. However, if you don't have a planned investing strategy, you may make a few mistakes along the way.
This guide will show you the best tips to navigate the Salt Lake City housing market and succeed with your investment. Let's look at what you should do.
Property Research
Your first step is to hire a real estate agent to help you explore Salt Lake City. This will help you decide which neighborhood you wish to invest in.
The real estate agent can update you on the supply and demand for each neighborhood. You can decide what type of tenant you'd like to attract.
This can range from a single professional to a family. Do your research on which neighborhood would be perfect for your target demographic.
Prepare Your Property
Once you've bought your property, you have to prepare it for renting to tenants. Hire a professional cleaner to clean the property at least twice per month until you find your tenant.
You should take this time to build a network of contractors. You want to know the best electricians, plumbers, property inspectors, painters, etc. You'll need them in case of any issues once your tenant moves in.
You can hire a property manager to help you with many of these challenging landlord tasks.
Make sure you also familiarize yourself with Utah's landlord-tenant laws. You can hire a real estate lawyer to help you understand these laws and fight any potential disputes.
Market Your Property
The final step is to reach out to potential tenants by marketing your property. You can hire a professional photographer for the property.
Make sure they take several photos of your property. These photos should include close-ups of furniture, appliances, and amenities.
Advertise the property on various listing platforms. You can share the property on platforms for both long-term and short-term rentals.
You can promote your rental property on social media platforms such as Instagram and Facebook. Instagram is the best way to provide a visual tour of the property. Facebook is great for interacting with potential tenants.
With both of these platforms, you can share a link to a registration form. Use a service such as Typeform or Google Forms to prepare your registration form. You can collect contact information for potential tenants and then schedule in-person viewings.
Become a Real Estate Investor in Salt Lake City
Becoming a real estate investor in Salt Lake City has its challenges, but in the end, it'll be a rewarding investment!
Follow the steps in this guide, and you'll have no problem finding the best investment property. Make sure you follow our tips to prepare your property and find your dream tenants.
Tier One Real Estate has had consistent five-star ratings from Salt Lake City Landlords. We'd be glad to speak to you to let you know how we can help. Give us a call!
